Execution your dream job plan

Table of contents The context and background of my dream job as a financial advisor 1.1 The context of my dream job to become a financial consultant If I am asked how I plan to with my future career, I would like to discuss my aspirations for my career and the steps I take to try to get there in this post My approach to education is unorthodox Since I might not have to sit in a classroom because of family obligations, I have to look beyond the box I determined the right path for me in my education would be distance and online learning I even started talking to people already in the financial sector with a few suggestions about the benefits and drawbacks of various job choices I investigated my field as a financial planner and concluded that certain courses were the right career opportunities for me I started to limit my career picks down to my top picks until I found out what I was more of The method I used to narrow my options has measured all the advantages and drawbacks of my potential job outlook and that more is connected with my goal I started to learn after I picked my top career directions I spoke with people in the financial sector who have work I will also read blogs and resources on the stock market and reflect on the stuff that I wanted to to understand and acquire experience I'm related and I'm working on an internship with my teachers Since your profession has been investigated, you can choose your career number one You should start saving for your future As a financial advisor, for example, my best career option, I have looked for a summary of my work that caught my eye and thought I would like to that after I graduated While I not at this stage have all the credentials and expertise to get that job, I have printed it out for me to see and expect to this in the imminent future These are the quick steps I take to map my career path Among the career related to financial field, each career varies in its typical salary, growth rate, and required training These careers are financial analyst, sales agents, securities and commodities (stock brokers), financial managers, financial examiners, accountants or auditors, actuaries, economists, financial analyst/consultant According to statistics of U.S Bureau of Labor (2019), financial consultants are in the top jobs in the financial sector with average salary and high average salary increase In particular, ageing societies pay keen attention to their investments and pursue financial advice as soon as they retire In addition, the advantages of clever saving and spending are becoming increasingly knowledgeable They understand that a personal financial planner may give the person's attention which a typical banker does not usually get As the rising demand for resources places more pressure on time commitments for senior consultants, new entrants can see improved chances 1.2 Backgrounds of financial advisory work The Bureau of Labor Statistics of Chicago, USA (2020), has defined consumer income, liabilities, money flow, insurance coverage, tax status and financial expectations as the person's financial planner The partnership is often brief; consumers are finding support to create a strategy which they wish to execute and manage individually The partnership could last a lifetime in several other cases; the financial planner constantly tracks and maintains customer's finances and savings Financial consultants aid individuals with making prudent money-management choices They analyze the financial condition of an individual, understand their desires and priorities, and suggest how best to so Certain finance analysts have varying qualifications and offer a variety of general services, while others concentrate on a single field such as pensions or tax law In different environments, financial advisors operate Most are hired by major firms that rely on acquisitions, financing or insurance, while some opt to operate in a small corporation or individually Autonomous financial analysts are often part-salesmen You need to advertise your services to attract new customers, so you spend part of your time teaching courses and networking during working hours in different roles Financial consultants may represent people or families equally, but there can be common criteria between them Any clients are seeking assistance reactively in times of desperate situations, including default or unemployment, and they need to recover leverage over their assets Additional consumers look for a more strategic partnership with an agent in order to prepare the future, such as saving money on a big investment, school tuition and withdrawal For clients who are in need of reacting assistance, experts have good advice on how to handle expenses correctly and build a reasonable but realistic budget that assures that all financial commitments are fulfilled Special loan agreements with clients' lenders can require either cutting the overall sum of debt or decreasing the minimum payment due per month Many of the same financial and expense rules extend to conscientious consumers, while counselors are focusing on saving money or receiving the most successful return on an investment 1.3 Theories about financial advisory Nowadays, the increased emphasis on the importance of self-responsibility in building up retirement wealth in Europe and the United States is another reason behind the increased research interest Areas of increased research interest include the following: regulation of markets for consumer financial services (Campbell, 2011), literature about financial literacy (Agarwal, 2009), household finance (Campbell, 2006), personal finance (Schuchardt et al., 2007), and consumer finance (Tufano, 2009) One area pinpointed of special interest to research is the providing and receiving of financial advice (Inderst, 2011), and Inderst (2011) expressly pointed out that the role of professional financial advice in retail financial services has not yet been correspondingly explored in the academic literature Inderst and Ottaviani (2012) addressed this issue by modeling various policy interventions to illustrate the pros and cons of different possible policy actions as attempts to minimize the potentially negative effects of financial advice owing to conflicts of interest between customers and advisors Laypeople assume risks that are as controlled as possible so as to avoid threats to their private economy but at the same time have an opportunity to increase the return on their investments Not all decisions are well-grounded and wise (Ameriks & Fore, 2002) and human frailty has been mentioned as one of the reasons behind the financial crisis Others have pointed out the policy implications of consumer contact with the financial industry (Campbell et al., 2011) and the need for better legislative consumer protection Researchers and governments have shown a growing interest in the financial literacy and numeracy of individuals (Banks & Oldfield, 2007) Governments in the United States, Australia, Japan, and many European countries—Sweden being one of them—are actively engaged in supporting greater financial education of their citizens, and the Organisation for Economic Co-operation and Development (OECD) (2009) has released recommendations on good practices for financial education and awareness relating to credit There also seems to be great interest from governments and financial and consumer actors to invest in literacy programs for citizens Recent studies on the level of financial literacy of Swedish households have showed that literacy and numeracy are unevenly distributed among citizens and that the level of knowledge affects financial choices (Almenberg, 2011) More knowledge about how consumers interact with financial advisors is needed to construct and direct such programs for the improvement of consumer protection and the well-functioning of markets This interaction is one important aspect that affects consumer financial decision making Studies have showed that the portfolio performance of consumers is affected by the advice of professionals (Gerhardt & Hackethal, 2009) and that consumers who actively seek advice improve performance (Hung & Yoong, 2010) because advice has the potential to act as a substitute for financial knowledge However, there are also possible dangers inherent in financial advisory services Biases tend to be exaggerated instead of mitigated by the advice market (Mullainathan et al., 2012) because advisors are affected by known biases in the same way as their customers and misestimate the risk tolerance of their customers (Roszkowski & Grable, 2005) Substantial differences exist not only between the risk perceptions of expert and lay investors but also between lay and expert views of the economy (Bastounis, 1997) Research has suggested that customers might not understand the salesperson role of advisors; that is, advisors are tasked with making recommendations that may not always be in line with customer risk preferences Bhattacharya, Hackethal, Kaesler, Loos & Meyer (2012) investigated retail customers’ reception of unbiased advice and found that only 5% accepted the offer of unbiased advice, and of those who accepted the offer, most failed to follow the advice given Financial services are intangible, involve a high degree of expert knowledge, and generate outcomes that are uncertain because they are the coproductions of the individuals involved and are, therefore, difficult to evaluate (Mukherjee & Nath, 2005) Financial services can be evaluated by return on investment over time; however, when the advice is given, it is not possible to evaluate the full effects of the financial proposal Therefore, from a buyer perspective, the purchase of a financial product differs substantially from that of a commodity like a pair of shoes or an expensive new watch Intuitively, there are two important differences: The product cannot be evaluated at the time of the purchase, and it is not possible to make a complaint and get back the money spent if one is not satisfied with the product Financial markets and financial services are also difficult for laypeople to understand (Hilgert, 2003) The information is often complex and inaccessible to consumers (Chang & Hanna, 1992) The development of a relationship between a buyer and a service provider serves to mitigate this buyer uncertainty By developing a relationship, the customer benefits from simplified information processing and buying task and reduced perceived risk as well as the maintenance of psychological comfort (Sheth & Parvatiyar, 1995) Because there is limited market participation by consumers in financial markets, financial advisors (as part of their job) function as intermediaries and endeavor to make sense of financial markets for their clients and help customers understand and manage financial risk (Allen & Santomero, 1997) Advisors are assumed to be more knowledgeable about financial instruments and alternative investments and financial markets, whereas consumers probably know more about private characteristics and aspirations for the future Customers might also know more about their risk tolerance and risk perceptions, but this cannot be assumed Instead, the practice of providing financial advisory services can involve the advisor engaging the customer in a conversation in which both parties explore customer risk tolerance and risk perceptions as a necessary starting point for coming up with well-composed financial advice This aspect of a joint exploration of customer risk tolerance and risk perceptions is also strongly expressed in relevant regulations It is a special focus of recent European Union (EU) guidelines for the industry (European Securities and Markets Authority [ESMA], 2012), which highlight the need for suppliers of financial services to secure investor knowledge in financial matters and to check that the information gathered from a customer is correct Exploring customer personal finances, risk tolerance, and risk perceptions is the job of the advisor, and when this is carried out together with a customer in a face-to-face encounter, it also implies that the customer can learn more about not only financial products but also private financial possibilities and restrictions, risk tolerance, and personal risk perceptions Some other important aspects of the practice of financial advisory services, brought forward by other scholars, are that a customer might be more concerned about preserving the relationship than about finding the best deal (Schwartz et al., 2011) and that an advisor often gives financial advice in the form of a suggestion, which is then rejected or accepted by the client, instead of discussing and altering the advice to suit the individual (Jungermann, 1999) My detailed plan and execution 2.1 My plan In this part, I would like to discuss my aspirations for my career and the steps I take to build day-by-day my future dream career: Earn the right degree For a career as a financial consultant, a bachelor degree is required Majors are acceptable in finance, economics, industry, statistics and the like Financial planners may be generalists, or may specialize in one or more fields, including retirement, taxation, asset planning and risk management and insurance Major companies or high-end clients may demand the continuation of their graduate education from their finance advisors Any of them join an MBA program after years of working in the field and continue to work in full-time In my case I expect to study in the next year following a master's in international finance because I have finished my bachelor's degree in accounting The University of London is the school I intend to attend Taking internship Classroom College Preparation offers the basis for learning, but internships offer financial consultants with opportunities to obtain real life experience It is critical that students attend school that has formed partnerships with financial firms or other businesses, so that students can train their knowledge and gain expertise from field-based mentors After graduation, I would find my training prospects in a Vietnamese financial and audit industry in one of the big-fours enterprises Get permits and certifications Many certifications for financial advisors are available, typically after three years of work Certification usually includes expert preparation or training, review and continued training Land work on the entrance stage I will use some tactics to support myself in dong this to get an entry level job Taking advantage of the networking with other teachers, educators and professional associations, in order to identify prospects for jobs and to address the patterns in industry trends, and using social media as an ideal means of publishing resums and looking for positions that are available Go back to training More can be learned every day—particularly in the fast changing financial world Financial legislation and tactics are evolving all the time and advisors should be up to date with new developments Often financial advisory qualifications require further education, while senior posts also require an advanced degree The competitive advantage of a graduate degree in finance will normally be given as a Master's degree in finance or an MBA with a focus in finance 2.2 My execution 2.2.1 Skills and tools According to the experts, there are components of a successful career as a financial advisor: skills, credentials, tools and technology Skills • Skill set: financial consultants have a wide range of commercial and marketing skills The ability to analysis and organize data is a virtual must, while a strong understanding of mathematics helps to make numbers accurate and extensive Critical thinking skills are needed to spot trends, evaluate the advantages and disadvantages of a specific course and make changes where appropriate • The ability to communicate is vital Financial consultants work with a wide range of people with different knowledge and financial backgrounds Consultants must be able to present complicated information in understandable terms and explain technical jargon They must finally build confidence with their customers and abide by ethical standards such as integrity, objectiveness, fairness and confidentiality in the industry • Credit: certifications recognise financial advisors who have complied with strict competence, legal and technical requirements Some categories reflect specialist areas Others are general certifications Certified financial analysts, experts in human resources and chartered financial advisors are eligible to offer financial advice in general Tools Any financial advisors' methods and technologies I may consider using: • Financial consultants would enjoy the comfortable connection to their mouse and keyboard as there are a number of advanced software programmes, including the • • • • following: The financial report of the finance logix retirement planner; Financeware finance file manager, a program for document administration Informant, customer relationship service web intelligence solutions Tablets with microsoft excel 2.2.2 Degrees and courses I found from my study strategy that financing ranges from a two-year degree to a PhD that will take several years Training can be done in or remotely on the conventional campus The grade level below lists how each is acceptable to a prospective necessity As a student, I can consider a career in banking and figure out if I want to further my studies and master the fundamentals of finance to hit entry-level positions or to set the foundation for more study Students undergo extensive instruction in spending capital and making investment decisions in an enterprise Graduates are able to undergo the CFA or Certified Financial Planner (CFP) review Theory and decision-making was stressed to train students for roles in management including the management of other financial workers, or for positions involving major ventures or customers Students receive advanced education for teaching, research, and executive roles They improve their teamwork, analysis and leadership skills and draw on their foundations of financial expertise Regardless of the degree they desire to achieve, they may not be geographically adjacent to a financially qualified campus or need versatility to handle their job, family and educational duties As far as I get knowledge from the financial degree sector, the students' career aspirations and education are matched by four financial degrees Although any degree builds on the previous stage, after finishing a program in another area, students can also opt to study finance, for instance, in economic science, computer science or mathematics The degrees are respectively: Associate Degrees (the one that I am going to register) An choice for two years graduates, the associate degree provides learners the foundation of their study of finance, training graduates for entry level positions or switch them for Bachelor Program Students study basic business subjects and general knowledge in fields such as the structure of english, math, humanities and social and behavioral sciences in addition to introductory classes in finance Although individual courses vary by school, a variety of school programs typically appear as follows: Principles of finance: the program rovides an introduction to financial concepts and institutions, finance skills & knowledge gained, understanding of the nature of risk, familiarity with sources of financial information, foundational knowledge for more advanced coursework Money, banking and financial management: the program explores the roles of central banks and financial markets, finance skills & knowledge gained, overall understanding of the financial system and how the various elements work together Investments: the program provides an introduction to investment markets and portfolio management, finance skills & knowledge gained, knowledge of how to evaluate risks and returns Key financial concepts: the program explains such terms as present value, future value, compounding and discounting, finance skills & knowledge gained, ability to make financial decisions such as determining liquidity and evaluating profitability Bachelor’s Degrees As a matter of fact the Bachelor of Finance Programme offers a more comprehensive view of finance, including the workings of the financial markets and the domestics and international economies Students train to use computerized finance systems and to collaborate on financial skills ventures A baccalaureate degree will lead to careers like financial analysts and financial advisors In addition, this degree will train candidates to take the CFA or Certified Financial Planner (CFP) tests • Survey of finance • • • • Principles of investment Financial institutions management Computer modeling of financial applications Master’s Degrees The master's degree in finance is suitable for students who want a leadership position in business world based on the foundation gained as a baccalaureate At this stage, students can learn specialized risk management capabilities and objectively analyze financial models and methodologies for knowledge The Master of Finance (MSF) or Business Administration (MBA) with a financial emphasis may be offered to students A master's degree could be offered as an MBA Derivatives and risk management: the program explains derivatives and explores different techniques used in risk management, finance skills & knowledge gained, derivatives valuation, knowledge of how to manage risks and investment decisions Financial math programming: the program covers financial software programs as well as matrices and calculations, finance skills & knowledge gained, ability to use numerical methodologies and computer programming to help solve financial problems Qualitative finance: the program examines case studies and problem-solving techniques based on subjective methods, finance skills & knowledge gained, ability to apply statistical and econometrical tools in finance Corporate finance: the program explores such topics as dividend and corporate buyback policies and corporate restructuring, finance skills & knowledge gained, understanding of the foundations and analysis methods used in various financial theories Doctoral Degrees A PhD in Finance or a PhD in Business Management with an emphasis on finance can be offered The Ph.D is suitable for someone who wants to work in a university atmosphere or take a role in financial services at a major company The PhD program provides a detailed study of emerging innovations in the area such as fair choice of portfolio for investors and effective decision-making of companies The students will be expected to attend daily workshops to obtain an introduction to research development, depending on the course Students are often expected in the form of a dissertation to perform their own separate study After several years of extensive and comprehensive research, PhD students develop a range of specialized skills that make them financial experts Some of the capabilities that are most in demand include: Research: Students study how to carry out comprehensively studies into financial theory and best practice They learn analytical thinking skills to evaluate a financial issue and interpret evidence thoroughly Students would also be able to interpret knowledge separately in order to arrive at reliable findings Communication: Students must be able to report their results to peers or consumers accurately and efficiently They learn how to arrange and present facts coherently so that individuals with diverse financial knowledge can quickly comprehend it Doctoral studies and written papers in respected financial journals often teach students how to write science Problem-solving: Students discover how conceivable roadblocks can be analysed and strategies formulated By building on your deep understanding of financial theory and processes, you will provide team members and customers with advice and guidance to help them take low-risk and high-value financial decisions Teaching and leadership: Students develop the coaching skills needed for preparation and leadership of a team of consultants and other students in universities, colleges and technical schools They learn the right teaching strategies for a given student population; they create curricula, curricula and tests and they learn to assess and evaluate the success of students Ethics: Students build a personal ethos and a legal and ethical approach to their financial transactions This covers disclosure of details that would contribute to a conflict of interest; transparency, accountability and fairness; and confidentiality Some students live too far from a school which offers a financial diploma or requires consistency in their schedule If it is not possible for prospective students on campus to study, online learning could be a reasonable alternative The following conditions can however be considered for students pursuing online financial programs: Accreditation: any financial curriculum – online or on-campus – is approved by one of their most critical standards Approval stamp from a respected supervisory body to the efficiency and fairness of the services has been given to the approved programs Accreditation also influences factors including the willingness of the pupil to pass credit hours to another institution and gain financial assistance Financial programmes, such as aacsb or the distance education accreditation board, should be approved by the association to advance collegial schools of business (deac) Ability to transfer credits: in an approved program, students can not immediately presume that these credits are passed to a new university Unfortunately, non-transferable credit is wasteful time and resources so applicants will have to attend new school classes It's best to examine the financial transfers credits from the prospective school with wellknown reputable schools well in advance Quality faculty with relevant experience in finance: a financial program's average quality is consistent with the quality of the faculty Some schools publish on their websites biographies of faculty with information about their professors' and other teachers' curriculum and job experiences The knowledge will allow students to assess if faculty members are adequately trained, skilled and experienced Students should search for professors who worked for such related professions as financial consultants, finance managers, bank managers and insurance undertakings In addition, the faculty may have expertise in commercial finance, fusions and acquisitions, insider dealing, etc Another source of previous knowledge and achievement is published in reputable publications such as the portfolio management newspaper, the risk and appraisal journal, the journal of financial management and the banking and finance journal Rigorous and relevant curricula: the curricula should offer relevant finance degree courses covering the principles of finance and key financial concepts While specific classes may vary by school, the program should offer coursework in such subjects as investments, accounting and statistics for financial analysts, financial management, and analysis of financial statements Courses should be designed to help students hone such skills as critical thinking and decision-making Opportunities for practical experience and job placement services: a school financial program should also offer opportunities for students in addition to academic work, for instance through an internship, to gain real-life experience Although no diploma guarantees a job, an active and successful job training program should be in place in which students can access undertakings hiring graduates in finance REFERENCE Agarwal, S., Driscoll, J., Gabaix, X., & Laibson, D (2009) The age of reason: Financial decisions over the life-cycle with implications for regulation Almenberg, J (2011) Räknefärdighet och finansiell förmåga [Numeracy and financial ability] Ameriks, J., & Fore, D (2002), On the Issue of Advice, Benefits Quarterly Bastounis, M., Leiser, D., & Roland-Levy, C (2004) Psychosocial variables involved in the construction of lay thinking about the economy: Results of a cross-national survey Banks, J., & Oldfield, Z (2007) Understanding pensions: Cognitive function, numerical ability and retirement saving Fiscal Studies Campbell, J Y., Jackson, H E., Madrian, B C., & Tufano, P (2011) Consumer financial protection Journal of Economic Perspectives Chang, R Y., & Hanna, S (1992) Consumer credit search behavior Journal of Consumer Studies and Home Economics Gerhardt, R., & Hackethal, A (2009) The influence of financial advisors on household portfolios: A study on private investors switching to financial advice Hilgert, M A., Hogarth, J M., & Beverly, S G (2003) Household financial management: The connection between knowledge and behavior Hung, A A., & Yoong, J K (2010) Asking for help: Survey and experimental evidence on financial advice and behavior change Jungermann, H (1999, January) Advice giving and taking Paper presented at the Proceedings of the 32nd Hawaii International Conference on System Sciences Inderst, R (2011) Consumer protection and the role of advice in the market for retail financial services Journal of Institutional and Theoretical Economics Mukherjee, A., & and Nath, P (2005) An Empirical Assessment of Comparative Approaches to Service Quality Measurement Mullainathan, S., Noeth, M., & Schoar, A (2012) The market for financial advice: An audit study Organisation for Economic Co-operation and Development (OECD) (2011) National accounts of OECD countries: Detailed tables Roszkowski, M J., & Davey, G (2010) Risk perception and risk tolerance changes attributable to the 2008 economic crisis: A subtle but critical difference Schuchardt, J., Bagwell, D C., Bailey, W C., DeVaney, S A., Grable, J E., Leech, I E., et al (2007) Personal finance: An interdisciplinary profession Sheth, J N, & Parvatiyar, A (1995) Relationship Marketing in Consumer Markets: Antecedents and Consequences Tufano, P (2009) ―Consumer Finance‖, Annual Review of Financial Economics ... (Jungermann, 1999) My detailed plan and execution 2.1 My plan In this part, I would like to discuss my aspirations for my career and the steps I take to build day-by-day my future dream career: Earn the...Since your profession has been investigated, you can choose your career number one You should start saving for your future As a financial advisor, for example,... financial analysts are often part-salesmen You need to advertise your services to attract new customers, so you spend part of your time teaching courses and networking during working hours in